What Elevation Oncology does

Elevation Oncology was a clinical-stage precision oncology biopharmaceutical company founded in 2019 and headquartered in New York. The company was built around developing targeted antibody-drug conjugate (ADC) therapies for patients with genomically defined solid tumors. Its core asset, EO-3021, was in-licensed from CSPC Megalith Biopharmaceutical (CSPC Pharmaceutical Group) in July 2022, granting Elevation Oncology exclusive development and commercialization rights in all territories outside of China, Hong Kong, Taiwan, and Macau. The company positioned itself around a horizontal segmentation approach, targeting any solid tumor indication where the ADC's biology could address a defined genomic alteration.

The business operated on a one-time license / development-oriented revenue model. Elevation Oncology was pre-revenue throughout its operating history; no commercialization infrastructure, no product pricing, and no customer base were disclosed. The company funded operations through a $32.5M Series A2 (July 2020), a $65M Series A2 extension (November 2020), a $50M senior secured loan facility from K2 HealthVentures (July 2022; $30M initial tranche plus a $20M option), and a $50M public offering of stock, warrants, and pre-funded warrants (June 2023), implying roughly $197M of cumulative capital raised. Cumulative EBITDA losses across 2020-2024 ran into the high-tens of millions per year (~$44.7M in 2024, ~$40.3M in 2023, ~$94.5M in 2022 inclusive of what appears to be a non-recurring impairment or in-licensing charge), reflecting heavy clinical-stage R&D burn without offsetting product revenue.

The company was acquired by Concentra Biosciences under a definitive merger agreement announced June 9, 2025, at $0.36 per share plus a contingent value right, with closing subject to majority stockholder tender and a minimum cash condition of $26.4 million. Leadership included Joseph Ferra as CEO, Shawn Leland as founder/advisor, and Timothy Clackson as a director. Following closing, Elevation Oncology was expected to operate as a subsidiary of Concentra Biosciences and to cease independent operations.

Name

Elevation Oncology

Legal name

Elevation Oncology

Website

https://elevationoncology.com

Company type

Public

Founded year

2019

Operating status

Acquired

Headcount range

11–50 employees

Short description

Elevation Oncology was a pre-revenue, clinical-stage biopharmaceutical company developing EO-3021, an antibody-drug conjugate for genomically defined solid tumors. Founded in 2019, it licensed EO-3021 from CSPC and was acquired by Concentra Biosciences in 2025.

Ownership category

akta.pro rank

Product category

Precision Oncology Therapeutics

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714)

akta.pro primary industry

Antibody-Drug Conjugates (ADCs) & Antibody Conjugates (HLAAAAAE)

akta.pro secondary industries

Oncology Specialty Pharmaceuticals (HLAIACAA), Oncology & Hematology Pharmaceuticals (HLAIAAAC)

Keywords

• Precision oncology
• Antibody drug conjugates
• Biopharmaceutical development
• Genomic cancer therapy
• Oncology drug pipeline

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Drug Development and Commercialization: Pre-revenue clinical stage biopharmaceutical company. The company generates no current revenue and is focused on developing its ADC pipeline, particularly EO-3021, through clinical development toward potential regulatory approval and commercialization. In 2025, the company entered into a merger agreement for acquisition by Concentra Biosciences.

Go-to-market motion1 record

Marketing channels1 record

Core offering

Elevation Oncology is a clinical-stage biopharmaceutical company that discovers and develops precision antibody drug conjugates (ADCs) targeted at genomically defined solid tumors. Its lead asset is EO-3021, an ADC in-licensed from CSPC Pharmaceutical Group and being advanced through clinical development. The company's pipeline focuses on biomarker-driven oncology therapeutics rather than broad chemotherapy approaches.

Product overview

Elevation Oncology is a biopharmaceutical company focused on developing targeted cancer treatments. The company's core product is EO-3021, an antibody drug conjugate (ADC) in clinical development for genomically defined solid tumors. The company operates with a precision oncology approach, developing treatments that target specific genetic alterations in cancer cells.

Differentiator

Problem solved

Functional benefit

Products and services

• EO-3021 EO-3021 is an antibody drug conjugate (ADC) being developed by Elevation Oncology for the treatment of genomically defined solid tumors. It was in-licensed from CSPC Pharmaceutical Group and represents the company's lead clinical asset.

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• Concentra BiosciencescoreStrategic or Co-development Partner · 9 June 2025Elevation Oncology entered into a merger agreement to be acquired by Concentra Biosciences for $0.36 per share plus a contingent value right. The transaction was expected to close in July 2025, subject to stockholder tender and minimum cash conditions.
• CSPC Megalith Biopharmaceutical (CSPC Pharmaceutical Group)coreOEM/ Whitelabel/ Licensing Partner · 27 July 2022License agreement granting Elevation Oncology exclusive rights to develop and commercialize products containing EO-3021 outside of China, Hong Kong, Taiwan, and Macau. This partnership enabled the company to expand its clinical pipeline with a novel antibody drug conjugate candidate.

Scale indicators3 records

Recent moves7 records

Expansion highlights3 records

Broad incumbents

• Daiichi Sankyo: Large Japanese pharmaceutical company that pioneered Enhertu, a leading ADC for solid tumors, in partnership with AstraZeneca. Represents the dominant incumbent in the ADC space against which smaller ADC developers compete.
• Pfizer (Seagen): Following the Seagen acquisition, Pfizer owns a leading ADC platform with approved assets such as Adcetris and Padcev. Represents a broad incumbent competing across multiple ADC targets and solid tumor indications.

Emerging players

• ProfoundBio: Clinical-stage company developing next-generation ADCs for solid tumors, including FRα, HER2, and other targeted programs. Comparable ADC pipeline focus and oncology indication overlap.
• Mythic Therapeutics: Clinical-stage biotech developing ADCs designed to address challenges of solid tumor penetration. Comparable as a focused ADC developer targeting solid tumors with next-generation technology.
• Tubulis: European clinical-stage biotech developing next-generation ADCs with proprietary linker and payload chemistry for solid tumors. Comparable as a focused ADC platform player targeting solid tumor indications.

Direct peers

• Pyxis Oncology: Clinical-stage oncology company that historically pursued antibody-drug conjugates alongside other targeted cancer therapeutics. Comparable as a small-cap ADC and antibody-based oncology developer.
• Zymeworks: Clinical-stage biotech developing bispecific antibodies and ADC candidates for solid tumors. Comparable as a platform-based targeted oncology developer with antibody engineering capabilities.
• Mersana Therapeutics: Clinical-stage biopharma developing a pipeline of ADCs and ADC platforms (e.g., Dolaflexin, Dolasynthen) for cancer. Closely comparable as an ADC-focused company with platform technology and genomically defined oncology programs.
• Bolt Biotherapeutics: Clinical-stage oncology company developing immune-stimulating antibody conjugates (ISACs), an ADC-adjacent modality for solid tumors. Comparable as a small-cap ADC-adjacent targeted oncology developer.
• ADC Therapeutics: Clinical and commercial-stage biopharma focused exclusively on antibody drug conjugates for solid tumors and hematologic malignancies. Directly comparable as an ADC-pure-play competitor pursuing similar targeted oncology indications.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/elevation-oncology

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds5 records

Investors12 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Elevation Oncology